- US$5.9 Million (RMB 40 Million) Loan Granted by China CITIC Bank
- US$9.4 Million (RMB 64 Million) Loan Granted by Bank of China
JINZHOU CITY, China, July 7 /PRNewswire-Asia/ -- Wonder Auto Technology, Inc. (Nasdaq: WATG; "Wonder Auto" or "the Company"), a leading manufacturer of automotive electrical parts, suspension products and engine accessories in China, today announced that Jinzhou Halla, Wholly-owned subsidiary of the Company received RMB 104 million (Approx USD 15.3 million) in loans last week, including a RMB 40 million (Approx USD 5.9 million) loan from CHINA CITIC BANK with the maturity of 1 year at its standard rate, and a RMB 64 million (Approx USD 9.4 million) loan from BANK OF CHINA with the maturity of 5 years at 5% discount on its standard rate.
"With these new loans added to our current healthy cash flow, we will have adequate capital to finance our business operations and to enhance our capital structure. We are planning to repay early some of the short-term loans from other banks with higher interest rates," commented Mr. Zhao Qingjie, CEO of the Company. "Wonder auto is privileged with the credibility and confidence granted by the banks, especially in the prevailing global economy recession."
About Wonder Auto
Based in Jinzhou City, Liaoning, China, Wonder Auto Technology, Inc., through its Chinese subsidiaries, designs, develops, manufactures and sells automotive electrical parts, suspension products and engine accessories. Wonder Auto was ranked second in sales revenue in the China market for automotive alternators and starters in 2007. With respective 5 different series and over 150 models of alternators, 70 models of starters, various suspension and engine related parts, the Company supplies to a wide range of automakers, engine producers and auto parts suppliers both in domestic China and overseas. Wonder Auto's main customers include Beijing MOBIS Auto Parts & Components Co., Ltd, Harbin Dongan Automotive Engine Co., Ltd, Shenyang Xinguang Huachen Auto Engine Co., Ltd, SWT, Shenyang Aerospace Mitsubishi Motors Engine Co., Ltd., Shanghai VW and Weifang Diesel Engine. For more information, please log on http://www.watg.cn
Safe Harbor Statement
This press release may contain forward-looking information about Wonder Auto Technology, Inc. and its wholly owned subsidiaries which are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, statements about industry trends and Wonder Auto Technology, Inc.'s future performance, operations and products. This and other "Risk Factors" are contained in Wonder Auto Technology, Inc.'s public filings with the SEC. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Rui Wang
CFO Assistant
Tel: +86-10-8478-5078
Cell: +86-135-2029-1221
Email: ir@watg.cn
Yechon Xie
Investor Relations Manager
Tel: +86-416-266-1186
Cell: +86-137-0006-1685
Email: ycxie@watg.cn
